1. Access to specialist skills
Until you have your fully staffed, FD led team, you’re likely to be hiring finance staff that are decent all-rounders, but that can’t quite hit the standards of a specialist. Whether that’s providing the strategic drive of an experienced and proactive FD, the commercial analysis and insight of a bright management accountant or the debt chasing skills of a charming yet resolute credit controller. With outsourcing, those specialists can be tapped into whenever and only when you need them.
SMEs rarely stand still. Often growing, sometimes contracting, there are peak periods and quieter spells. An overwhelmed finance department is a serious business risk. With outsourcing, the support can rapidly adapt to ensure that the needs of the business are being consistently met at all times – with no impact on HR.
3. Finance as a service
The traditional tools of the trade, Sage and Excel, are excellent and can keep your finance staff nice and busy delivering the basics. Times change though and an outsourcing business operating in a competitive marketplace has to do better than that. A smart finance outsourcing partner will proactively reach beyond the basics, using the latest technologies and industry knowledge to ensure that the output of the finance function is a key component in achieving broader business objectives.
However, one size does not fit all so look for a bespoke solution built around your business.